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Mednax's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: MD

Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the company's most recent annual report on Form 10-K and its quarterly reports on Form 10-Q, including the sections entitled Risk Factors.

With that, I'd like to turn the call over to Dr. Roger Medel, our CEO.

Dr. Roger Medel

Thank you, good morning and thanks for joining our call today. As we indicated in our release earlier this morning, we are especially pleased with our results for the second quarter, including the same-unit growth of nearly 4%. This same-unit was the contributing factor in our results, exceeding our guidance for the quarter. I also believe that this quarter's results show that we continue to make excellent progress in pursuing our clearly articulated strategy for sustainable long-term growth. We are drawing on the strength of a company that has over 30 years of operating experience and a reputation for durability in an uncertain healthcare environment.

Our revenue growth for the second quarter was 14.3% with growth attributable to contributions to some recently required practices of over 10% and the remainder coming from the same-unit results just mentioned.

In looking at the strength of our same-unit growth, we saw net reimbursement-related growth of 2.4% and volume growth of 1.5% for the quarter. While our strong same-unit growth was a positive story for the quarter, the larger part of our revenue growth was driven by contributions from acquisitions since last year.

What's not solely reflected in our second quarter results are the great strides we're making with our American Anesthesiology division as we continue to build our national group practice in that important specialty.

By now I'm sure that you're aware of the acquisitions of Anesthesia Medical Alliance of

East Tennessee and Loudoun Anesthesia Associates. Anesthesia Alliance of East Tennessee, the first Tennessee-based practice to join American Anesthesiology, is a 45-position group that practices the (inaudible) of an anesthesia carotene model that includes 158 nurse anesthetists working at the five hospitals, eight ambulatory surgery centers and three hospital-based pain management centers located primarily in the Knoxville, Tennessee metropolitan area.

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